Ethereum market overview: ETH/USD forging ahead within a rising channel

The 15-minutes chart for ETH/USD shows an asset that is correcting higher within a rising channel. From the support established at $167, Ethereum scaled the levels at $170 and even tested the next resistance at $173.00. As discussed in the cryptocurrency market update, cryptocurrencies are turning back to green following a series of consolidation sessions.

Ethereum, for instance, is up 1.06% on the day to trade at $172.12. The price is above the 200 moving average exponential (EMA) 15’ which is offering support at $171.17, the 50 simple moving average (SMA) currently at $170.57 and the 100 SMA 15’ at 169.78.

According to technical analysis, ETH/USD has a short-term bullish bias. The RSI is ranging slightly under other overbought. The indicator retracted from the region above 70.00 earlier today when Ethereum failed to break above $173.00. The raging trend shows that the price is likely to start consolidation above the 200 EMA. Moreover, the MACD shows that the bulls are in control. The indicator is well inside the positive region although it has stopped moving north and is embracing the ranging trend.

Apart from the 200 EMA support, traders should look out for $171.00, and $170.00 support areas. Other levels that will function as anchors in case of extended declines are $168.00, $167.00 and $160.00.